Why this former Navy officer is shifting to luxury property developments
Lachlan Biddler, a former naval officer and current management consultant, sat down with host Phil Tarrant on the Smart Property Investment Show to discuss his property investment journey.
Biddler, who is only 25 years old, already has three properties to his name and has recently ventured into property development. Biddler's first investment property was a house in Redbank Plains, a suburb of Brisbane. He purchased the property for around $280,000 to $300,000 and it has since grown in value by 6% to 7% annually. His second and third properties are located in Albury, a regional town on the border of New South Wales and Victoria.
One of the properties is a unit, purchased for approximately $220,000, and the other is a three-bedroom house bought for around $330,000. Both properties have provided strong rental returns and have been relatively low maintenance.
When it comes to financing his investments, Biddler and his partner have used a combination of savings, borrowing from lenders, and putting in equity. They have been able to borrow as a couple, leveraging both of their incomes to secure loans. They have also utilized mutual banks, such as Hume Bank, to obtain favorable interest rates.
Looking to the future, Biddler and his partner have expanded their investment strategy to include property development. They are currently involved in a project in Camberwell, a suburb of Melbourne. The development consists of three townhouses and is due for completion in the middle to third quarter of next year. The plan is to sell the townhouses, which are expected to have a combined value of around $9 million.
Biddler acknowledges that property development carries more risk, particularly in the current climate with the ongoing COVID-19 pandemic. However, he remains optimistic and believes that the high net worth nature of the Camberwell area will help mitigate the potential impact of the pandemic on the project.
In terms of their long-term strategy, Biddler and his partner plan to continue building their property portfolio. They are open to further development opportunities if they arise, but also recognize the importance of assessing market conditions and opportunities before making any decisions.
Overall, Biddler's success in property investment can be attributed to his disciplined savings habits, strategic decision-making, and willingness to take calculated risks. With their combined skills and shared goals, Biddler and his partner are well-positioned to continue growing their wealth through property investment.
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